The global bedroom furniture market size was valued at USD 220.6 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.5% from 2020 to 2027. Shifting consumer preference towards high-end furniture products owing to technological advancements in the home furnishing industry is a key factor driving the market for bedroom furniture. In addition, prevalence of mini-housing boom across the globe is paving way for greater demand for bedroom furniture. Increasing per capita income of consumers, particularly in the developing nations, easy access to digital tools, and adoption of newer lifestyle trends, have revamped the traditional households into modern luxury residential dwellings.
Increased attention towards gaining trending bedroom styles has influenced major bedroom renovation projects inducing minimalist appeal for the serene and calming environment of bedrooms with functional furniture. For instance, the Culla Collection by Article, a Canada-based furniture company, offers a single drawer nightstand, bed frame, and three drawer dresser, which is made from veneered American white oak. In addition, rising adoption of four-poster beds as a need to accommodate bigger mattresses is gaining traction in the market. These modern four-poster beds also feature a clean and simple style, which stands out without overwhelming the space.
In terms of revenue, beds dominated the market with a share of 37.1% in 2020. This is attributed to the rising construction of residential households, along with rapid urbanization in developing nations, including India, China, and Brazil. Increasing support by the government of these countries is also boosting the growth of residential housing, thereby propelling demand for beds among bedroom furniture products. For instance, the government of India offers housing loan and reconstruction loans to the citizens at low-interest rates. In addition, government initiatives such as Pradhan Mantri Awas Yojana and National Urban Housing Fund to provide residential housing at an affordable rate in India are expected to drive the demand for bedroom furniture products over the forecast period.
Wardrobe and storage products are expected to expand at the fastest CAGR of 5.1% from 2020 to 2027. Increasing inclination towards light, stylish, and comfortable walk-in closet designs or free-standing wardrobes has resulted in an important element of creating modern bedroom interiors. Growing trend of sliding wardrobes as a simple and stylish way of adding functional storage and maximizing the space of closet has been increasing the demand for this bedroom furniture. High preference for space-saving fixtures is drawing more attention towards closet drawers, which are replacing bedroom dressers, thereby leaving more space in the bedroom. This scenario is likely to propel the demand for wardrobes and storage furniture over the forecast period.
The bedroom furniture market is segmented on the basis of product and region. By product the market is divided into Beds, Wardrobe & Storage, Dressers & Mirrors, Night Stands, Others.
Asia Pacific dominated the market for bedroom furniture with a share of 38.7% in 2020 and is anticipated to witness the fastest growth over the forecast period. This is attributed to growing real estate sector in developing countries, such as China and India, which increases the consumers’ need to invest in furnishing activities and add an aesthetic look to the bedroom environment as a cause of remodeling. Moreover, increasing share of millennials in the furniture market is bound to invest in various modern bedroom furniture products owing to customization and space-saving features. Large population in the region is boosting the real estate development, thereby increasing adoption of various bedroom furniture, such as nightstands, dressers, and beds.
North America is expected to expand at a CAGR of 4.6% from 2020 to 2027. Steady growth of new furniture sales in regards to rising development of residential construction in the U.S., Canada, and Mexico is generating greater demand for household bedroom furniture. According to the National Association of Realtors, existing home sales growth is forecasted at 4% for the residential property market in 2018.
Moreover, rising traction of sustainable furniture across U.S. households is projecting growth of eco-friendly furniture products for bedrooms. According to the National Association of Home Builders, green residential construction for single-family has incurred growth of 2% in 2005, to 23% in 2013. Therefore, consumers are highly focused on building a green environment inside their houses, thereby driving demand for sustainable bedroom furniture products.
Bed Bath & Beyond Inc.; Williams-Sonoma, Inc.; Target Corporation; Wayfair Inc.; Home Depot, Inc.; Ashley Furniture Industries, Inc.; Heritage Home Group; La-Z-Boy; Mattress Firm Inc.; Herman Miller, Inc.